x
By using this website, you agree to our use of cookies to enhance your experience.
STAY CONNECTED!
    
newsletter-button

TODAY'S OTHER NEWS

London luxury property prices continue to fall

Property prices across London’s prime housing markets continued to fall in the run-up to the EU referendum, with further declines anticipated in the coming months, according to a new report.

The latest research from international real estate adviser, Savills, shows that pre-referendum uncertainty triggered marginal price falls in prime housing markets of London in the second quarter of this year.

A -0.2% decline in the three month period prior to the referendum left average prime London values down -0.7% year-on-year, and -1.4% below their pre December 2014 level, when stamp duty rates on high value homes were increased.

Falls were most pronounced in prime central London, where prices dropped by -1.4% in the quarter. This left values in London’s most exclusive markets on average -3.9% down year on year and -8.0% below their Q3 2014 peak. 

“There have been conflicting signals in the market in the period post referendum, which suggests the impact of a vote to leave the EU will only become clear over coming months as the market finds its level,” said Lucian Cook, head of UK residential research at Savills.

He added: “Falls in sterling have prompted some international buyers to re-enter the market, while there has also been a fair share of speculative bids from those hoping to secure a bargain. Against this context, sellers have generally taken a pragmatic approach around pricing without having to slash their expectations.

“Prime regional markets are at a different stage in their cycle, having been slower to recover peak 2007 values, and therefore appear to have been less affected by pre referendum uncertainty.”

icon

Please login to comment

Zero Deposit Zero Deposit Zero Deposit
sign up